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Pune-based Marvel Realtors and Developers Ltd said on Thursday it has agreed to buy a three-acre land parcel in the city for Rs 168 crore (about $25 million) from the German consulate.

The company plans to build premium residential apartments on the land acquired in the prime Boat Club Road area, it said in a statement.

The project would be developed over the next five years. It would comprise 3.80 lakh sq ft of saleable area. The price of the apartments will start from about Rs 3 crore, it said, and projected the total sale value from the project at Rs 800 crore.

The project will be developed in an equal partnership with Piramal Fund Management. This would be the fourth such partnership between the two firms since they first joined hands in February 2013.

Apart from Piramal, Marvel has tied up with Och-Ziff Capital for two deals and ICICI Prudential for one project.

In July, HDFC PMS, an arm of HDFC Asset Management Company, exited its four-year-old investment in a string of projects by Marvel Realtors for Rs 152 crore ($23.9 million), clocking an internal rate of return of 20 per cent.

This was the second investment of HDFC PMS with the realtor. It had exited its earlier investment in 2012 for Rs 98 crore, clocking an internal rate of return of 25 per cent in one-and-a-half years.

The company has 40 ongoing projects in Pune with a total of 24 million sq ft under development. It has so far delivered 25 projects in Pune, Goa and Bangalore. It also has projects that will offer about 1 million sq ft of commercial space in the future.

It claims to have sold 2 million sq ft and delivered around 1.5 million sq ft area in the last fiscal year alone when its sales rose 38 per cent to Rs 1,000 crore.